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Hangzhou Tigermed’s US$1.38 billion Hong Kong fundraising makes it Asia’s biggest health care listing this year
- Hangzhou Tigermed is selling 107.1 million shares or 12.5 per cent of its enlarged share capital at an indicative price range of HK$88 to HK$100 per share
- It is pricing the new shares at a 14 to 24 per cent discount to its Shenzhen-traded shares on Friday
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Hangzhou Tigermed Consulting, China’s largest clinical research services firm, is seeking to raise up to US$1.38 billion in Hong Kong, in Asia’s biggest health care related fundraising so far this year.
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The company, already listed on the ChiNext board in Shenzhen, is selling 107.1 million new shares or 12.5 per cent of its enlarged share capital at an indicative price range of HK$88 to HK$100 per share, according to a term sheet. The pricing represents a 14 to 24.3 per cent discount to Tigermed’s A-share closing price of 104.99 yuan on Friday.
Hangzhou Tigermed’s fundraising will see it surpass Korean drug maker SK Biopharmaceuticals, which raised US$794 million in an IPO in June, data from Bloomberg shows.
If the company exercises its overallotment option of 16.06 million shares, representing 15 per cent of the global offering size, it could raise up to US$1.59 billion, assuming the deal gets priced at the top end.
The Hong Kong public offering will run from July 28 to July 31, and listing on the main board is slated for August 7.
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